Real Estate project development in the center of East Berlin 80% let before start

IVG Development announced yesterday the start of a new development close to Hackescher Markt and the Museums Island in the city center of Berlin (East). The project called “Hackesches Quartier” with rental floor space of 36,600 square meters of whom 80 per cent has been marketed before the start of the construction. Main renter of the 24.850 m² office space are Berlin based Gas supplier GASAG Berliner Gaswerke AG (8.500 m²), and Berlin based advertising and creative agency Scholz & Friends AG (8.000 m²). Buyer of the 145 Serviced Apartments with luxury standard (7.680 m²) is Hotel operator Adina Europe Ltd., a leading operator of serviced apartments in Europe and Australia all ready serving the Berlin market.